Member Info for shafaq

Did u mean mobilise to site ? yes that is correct but when you say release then strike can release it anytime they see fit not necessarily only if ensign have a new contract.

As expected virtually anyday now for release of rig and gex contract.

Need a final top up today as never know monday we could have contract landing as they definately not gonna wait till its released as all they needed was assurance of release and not extended.

Strange...

Just seen 400k go through so seems they are filling orders so you will probably have to wait uour turn lol

Seems like buyers are hoovering up the cheapiies.

Strike energy testing so we could have a rig available very soon and perhaps a contract anyday now.

Fill your boots time I reckon...

Yes they announced a strike recently as they reached total depth on 27th April and are conducting wireline logging and flow test as we speak.

So we could hear ensign rig release anyday now, and most probably a contract with gex as soon as that happens.

Wow excellent news.

Was surprised to see them raise money at 2.7p as CTP were holding 25% but then got diluted to 18% and if they had to raise £7m CTP going well under 10% so it was a bad deal for CTP and us holders.

Clear capital still in red Miker, £300k at 8p then £500k at 50% premium at todays price 4.5p.

2.7p at todays raise 37m shares.

51m shares altogether at 3.47p.

By hook or crook they had to get their biggest supporter on their side.

Dont forget that even though we now have extra 45m , the 45m shares to CTP for 25% is very tight hold and not free float.

The £300k already drawn down is at 8p, and further £500k drawn earlier was at 8p but due to conversion of gex shares is still at premium of 50% of 5 day volume weighted price of gex shares meaning from 4p add 50% premium = 6p.

So overall the free float is still where it is before ctp aquisition.

So any rig contract due very soon will almost definately give the mms the heartache of finding shares to sell.

Aimho

But then again the NTP notice to proceed was issued in January so the green light was given yhen and that's when the clock started and harlequins became accountable on the costs.

So gex whatever they are now doing are being paid by harlequins.

Think that harlequin agreement under framework is executed as stated on 26th march rns under tier 1 funding which is for 18 months.

Maybe it came just slightly later for them to execute a rig contract at the time but your argument is spot on and they are virtually ticking the boxes as we speak.

What consolidation?

Or 1-5?

There is no raise, except authority to issue shares worth upto £2.5m as and when they withdraw funds in the future, not all in one go.

It's like a credit card with a limit upto £2.5m and when you take out £250k then you give them shares as pay back at the last 5 day average so and they are ot allowed to sell more than 20% of the shares average volume over 5 days.

If we only have 5m volume then they are not allowed to sell more than 1m shares in that week.

No notice has been given to withdraw funds from the facility as yet so no shares are given to riverfort.

So everything now passed.

Lol lots of scaremongering went on about dilution and £2.5m at 1p lol.

It's like a credit card withdraw £250k and pay back issuing shares at ave 5 day price that could be 5p or if approaching Hussar drill and price rises to 15p then so be it.

Time to sit back and await rig news as there is no churn that will stop this from rising.

That would be a good start talking about funding options and not a pointless guessing game that rewards no one .

But dont be too subtle when pointing out the narrative, it's why they are where they are.

But there is more interesting things happening as to the past.

100% agree

🤣🤣

What's the point of a pointless guessing game here? Just clogging up exercise.

If you're a pess then you're putting in lows and if your an optimist then higher sp.

Not really giving any constructive argument for anyone new to buy.

Talk about possibilities that can and will happen like sp approaching commissioning of the plant, Production, funding .

This whole exercise is just pointless.

So now up to the rig company to accept the terms and sign up.

Think they will accept and sign the dotted line rather than sit idle without any work as a risk.

Although this notice is from gex this time so that they can contact others in good time.

300k defo a buy.

Plus we have a confirmed lower long wick which suggests sellers have lost control and bottoms in at 6.25 before bouncing to 6.50.

Bye bye sellers...

Think mms have played a blinder, they knew no news is expected till the visit is done so have taken it down and collected as many sells as possible, completely exausted the sellers and now probably start picking it up as rig contract could now land anytime as there is no set time when this could come unlike the visit and timing of any news.

Bit of buying then theyll quickly pick it up as they know anticipation of news now could start rapidly thus locking out the sellers.

Glad to see the end of that 500k as they took it down almost -7% .

Although not heavy buying but just enough to lead sells at the end.

So good to see a the print at the end and maybe that was the one holding us back.

Doesnt that seem odd the 275k sell rolled over to 275k again in 2 trades made to looklike 3 complete sells.

Games being played, hold tight.....